Lew Rockwell: 'We stand to face hyperinflation'

Bankers on Wall Street are asking the Federal Reserve for another round of quantitative easing as America attempts to rebuild its economy, but will the country really reclaim itself with QE3?

According to Lew Rockwell, chairman at the Ludwig Von Mises Institute, those off of Wall Street will be hit hard by a third round of quantitative easing while big banks and corporations will come out on top.

“The average Joe, the average Janet,” said Rockwell, “is being harmed to the benefit of the power elite.”

Rockwell told RT that contrary to what the media might be reporting, the country is still in a recession, and while the government might say they are keeping interest rates low to help everyman, it is only the big names in banking that are being rewarded this way.

“We’re already starting to see prices increase,” said Rockwell, who warns that more quantitative easing would not lower prices as many advertise. Rather, he says, it has a “horrendous effect on the economy.”

Speaking to RT, Rockwell condemned Federal Reserve Chairman Ben Bernanke as a power-happy Fed head that is behaving like a “mad printer” with the first two rounds of QE.

“This is a criminal act that they are contemplating” another round, said Rockwell, who adds that the only ones that would see a positive results are on Wall Street and Pennsylvania Avenue. The average American, rather, will suffer a “deliberate knock on the head.” Rockwell even goes as far as to equate it as top brass putting “the boot on the throat of the average American.”

“Part of the problem we have is too much debt,” said Rockwell. “There is too much debt in this society; too much government debt; too much private debt . . . we need less lending. We need fewer banks; fewer Wall Street firms.”